Tuesday, March 15, 2011

HO Update

The most bullish interpretation of the wave count to detailed in yesterdays Heating Oil post requires the front mo. to remain above 2.8543, the .618 retrace of the last leg up. Ideally it stays above the 50% at 2.9084

Active Mo. Daily

click to enlarge

Hourly

Yesterdays false break above a downward sloping wedge resist line reversed of course.
Now there is a near c=a just above the 50% retrace support mentioned above, a good spot to stage a rally from. Again any new highs are subject to serious pull backs to 4th of lesser degree... right around here.

About Me

I have been applying Elliott Wave Theory to energy markets as a broker and as a trader for commercial entities since 1983.
This blog is merely my personal musings on various wave structure's and NOT any kind of trading recommendation or suggestion.